But the company also disclosed that it is barely halfway through the low end its ambitious asset-sale program. To avoid a liquidity crunch, Chesapeake wants to sell between $4 billion and $7 billion in assets.

Chesapeake said $366 million in sales closed in the first quarter, with $262 million in the second quarter. $1.4 billion are pending, which includes the sale of Mississippi Lime assets to China’s Sinopec. Analysts said that Sinopec also got a good deal on the acres it bought from Chesapeake.

EQT’s acreage includes 67,000 acres in the Marcellus formation and 32,000 in Utica. Of those, 25,000 are “core acreage” to be developed, and 42,000 in the Marcellus are unlikely to be developed due to near-term lease expirations or a “scattered footprint,” EQT said.

Three of the 10 Marcellus wells are in production, and the remaining seven will be in line by the end of the year, EQT said.

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